InBev financing: Easy money

Who said the debt markets were closed? Inbev, the Belgian-Brazilian brewer, launched a $47bn offer for Budweiser brewer Anheuser Busch on Wednesday. It’s not only the biggest cash only deal on record if successful, according to Dealogic – it’s also funded almost entirely by debt. The brewer’s eight banks have lined up a $40bn loan, and Inbev insists it will retain an investment grade rating. The question now is how the US beer giant will respond. At first glance, the leverage looks like a stret...